Buying a property management company

[Ryan Parnow]

Earlier this week, I was approached about buying a property management company in the area I live in.  I have considered going full time managing my own properties, but the management fee I am paying currently doesnt replace my w-2 income at this point.  Buying the PM would more than replace my full time job income even with financing the purchase.  Once the loan is paid off, it would be a rather large increase in income.  Would you buy a property management company?  What things would I need to consider with the purchase price?  What downfalls could I be missing?